News Summary: Credit Suisse to stash more cash

AP News
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Posted: Jul 18, 2012 4:29 PM

BUILDING BUFFER: Credit Suisse, Switzerland's second-largest bank, plans to boost its capital cushion against future financial crises by as much as 15.3 billion Swiss francs ($15.6 billion) following criticism from the Swiss Central Bank.

PROFIT HIGHER: Credit Suisse made the announcement as it posted its second-quarter earnings. Net income rose nearly 3 percent.

COST CUTTING: Credit Suisse also said it plans to save another 1 billion francs by the end of 2013, after cutting 2 billion francs in costs by mid-year 2012 and announcing plans last year to shed 3,500 jobs. The bank now has 48,200 employees.